Bill Splitting Apps Market Size, Share, Growth, and Industry Growth, By Type (Android and IOS), By Application (Private Users and Commercial Users), Regional Forecast To 2031

Updated On: 08 April 2024

Bill Splitting Apps Market REPORT OVERVIEW

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The global bill splitting apps market size was USD 500.6 million in 2021 and is projected to touch USD 993.02 million by 2031, at a CAGR of 7.0% during the forecast period.

Bill splitting applications or simply known as bill splitting apps, are designed to make to make sharing experience of splitting the expenses easy. The app divides the costing of the bill among the users and calculates the amount to be paid. The splitting is done automatically by the app and shows what each user owes. The app works best for the purpose of budgeting for example, if a person is looking to share expenses within roommates or friends, such apps are useful. Demand for automation of doing all the calculations can reduce human errors and provide accurate results.       

Market progression for bill splitting apps is being facilitated by increasing penetration of smartphones. Increasing use of smartphones worldwide is expected to present market with budding growth opportunities. Ease and alternatives of payment in such applications is projected to drive demand. Growth in the tourism and travel sector to propel demand for such applications. Product and solutions offered by various market players is anticipated to drive demand for the service. Robust demand for such apps to split rental payments and other expenses is expected to augment market growth. Demand for automated results of doing all the calculations can decrease human errors and provide accurate results. Such benefits and driving factors are expected to drive market growth.  

COVID-19 Impact: Halt on Travel and Tourism Sector to Hinder Market Growth

The effects of the COVID-19 pandemic are already being felt on a global level, the bill splitting apps market was considerably influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The pandemic of COVID-19 affected the demand for travel activities. Due to a halt on tour and travel activities, affected the economic activities during the pandemic which hindered market growth during the pandemic. Strict rules and regulations imposed by the government have halted usage of splitting applications worldwide. But during the pandemic, rental payments and expense payments were still being split as people were still staying in rented houses. This created the demand in the expense splitting applications.   

LATEST TRENDS

"Integration in Smartwatches to Fuel Market Development"

The global bill splitting apps market growth to be to experience growth due to integration of the apps in smartwatches. Development of such applications for smartwatches is one of the key trends that are expected to create a positive impact on the market growth. Adoption of smart watches has led vendors to develop apps that are compatible with smart watches and smart phones. Introducing automated chat bots that can assist users easily. Adoption of chat bots in development of hybrid mobile applications and bill splitting can drive the awareness regarding the service and market expansion. Such integration of new trends in bill splitting apps is estimated to pose prospects for market growth during the forecast period.   

Bill Splitting Apps Market SEGMENTATION

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• By Type

Based on type; the market is divided into android and IOS.

Android is expected to be the leading part of the type segment.  

• By Application

Based on application; the market is divided into private users and commercial users.

Private users are expected to be the leading part of the application segment.  

DRIVING FACTORS

"Penetration of Smartphones to Enhance Market Growth "

One of the key factors that are predicted to drive the demand for the service is increasing use and penetration of smartphones. Growing penetration of smartphones globally is expected to fuel market growth. Smartphones have been growing rapidly over the years and growth for the market is owed to low priced smartphones. Production of phones that are compatible with such applications can propel the growth for such applications. New launches of high-end smartphones can expand consumer base for such expense management applications. Such penetration of smartphones is anticipated to provide lucrative opportunities for bill splitting apps market.

"Growth in Travel and Tourism Sector to Augment Demand for Service"

Growth and development of tourism and travel sector is expected to experience market growth over forecast period. The market is driven by the solutions that are designed by the vendors provide tools that can split the expenses on group trips. It makes balancing and splitting easy for travelers and trip goers. The application automatically checks, adds, negates, and adjusts the costs of trip. This is expected to drive market growth for air cargo. Automation of doing all the calculations reduces human errors.    

RESTRAINING FACTORS

"High Costs Related with Developing Application to Hamper Demand "

There are a number of factors that can induce the growth of the bill splitting apps market. High costs associated with development of such applications and operations. Growing need to have low-cost splitting apps would require additional costs for developing and maintaining. Therefore, high and additional costs associated with development of such applications is expected to restrict and limit the market growth.

Bill Splitting Apps Market REGIONAL INSIGHTS

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"Asia Pacific to Govern the Market Share Due to High Demand for Service"

Asia Pacific holds the largest part in the global bill splitting apps market share due to high demand for service from the region. Demand from countries such as Japan, China, and India in the region is projected to produce rewarding opportunities in the market. Large customer base and penetration of smartphones from countries such as India and China is anticipated to drive service expansion. Increase in disposable income amongst the customers for using smartphones is predicted to facilitate market progress. Rising preference for expense splitting and rental payment applications is estimated to drive market growth in the region.  

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Splitwise (U.S.)
• Nico Jersch
• Tricount (Belgium)
• Bring10 (U.S.)
• Thumbworks Technologies
• PayPal (U.S.)
• Billr.Me (U.S.)
• Divvy (U.S.)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.